What you need to know before the open – 23/10
US markets continued to climb yesterday after US job numbers missed expectations, sending the S&P500 to new record highs for the third day in a row. Despite the upward revision to the jobs data, markets seem to be interpreting this as a staving off of tapering.
European markets seem more restrained this morning, following a sharp sell-off in Asian markets. This comes after the Central Bank of China abstained from adding funds to the market, with claims that banks have tripled debt write-offs in the first half of 2013.
#ASX200 ended down 17points after solid run. #ChinaBank bad debts pushed stocks and #AUD (US0.963c) lower
— CMC Sales Traders (@CMCSalesTraders) October 23, 2013
Nikkei Ends Down 2.0% At 14,426.05 on #China liquidity concerns and a stronger yen took a heavy toll.
— Holger Zschaepitz (@Schuldensuehner) October 23, 2013
Nikkei 225 -1.95% Worst session since Oct 2 Yen strengthened to 2wk high, 97.4/$.
— Patrick McGee (@PatrickMcGee_) October 23, 2013
China bad loan worries see weakness in Asian trade on Equities, the Aussie, and Yen Crosses. #FTSE Futures called 20 lower.
— FuturesTechs Updates (@FuturesTechs) October 23, 2013
Asian markets head lower the European opening may head south – estimes for opening – FTSE -27, DAX -32, CAC -16
— David Buik (@truemagic68) October 23, 2013
Key events:
- UK Bank of England minutes at 9.30am.
- UK Bank of England vote at 9.30am.
- UK BBA mortgage approvals for September at 9.30am. Expected at 39,400, up from 38,200.
- US MBA mortgage applications (18 Oct) at 1.30pm.
- US export price for September at 1.30pm. Expected flat, from -0.5 per cent.
- US import price for September at 1.30pm. Expected up 0.2 per cent, from flat.
- US housing price for August at 2.00pm. Expected up 0.8 per cent, down from 1.0 per cent.
- Preliminary Eurozone consumer confidence for October at 3.00. Expected down 14.4, up from -14.9.